Cornilleau (France) - Dec 2007

Paluel-Marmont Capital (PMC) and Picardie Investissement have supported the secondary owner buyout of table tennis equipment manufacturer Cornilleau. PMC, which had led the company’s previous buyout in January 2004, now owns a minority stake, while management takes control of the business. The company’s banks BNP Paribas and BCNM underwrote a two-tranche senior debt package to support the transaction.

History

In January 2004, PMC backed the company’s original buyout, acquiring a 40% stake, alongside Evolem (20%) and management (40%). Evolem has not re-invested in the latest deal. 3i had originally made a growth capital investment in 1998.

Company

Founded in 1969, Cornilleau manufactures table tennis tables, bats, balls and accessories. The firm expects to generate a 2007 turnover in excess of €20m, up from €15m in 2003. Further growth will be sought by encouraging exports to the US and Europe and by developing a new range of bats for competitions. The company, whose managers are still relatively young, employs 70 staff.

Sourced from: France unquote" 87 (Jan 2008)

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